| Islamabad: The International Monetary Fund (IMF) has approved a USD 7 billion loan for Pakistan to support its struggling economy, according to a news source on September 26.
Read: UBG advocates for business relief, lower interest rates following IMF deal
As per the reports, the three-year program will focus on expanding the tax base, increasing utility rates, and implementing structural reforms to boost economic growth and resilience.
This marks Pakistan’s 24th IMF program since 1958, following a period of severe economic crisis exacerbated by political instability, floods, and high inflation.
Prime Minister Shahbaz Sharif emphasised that this should be Pakistan’s final IMF program, citing efforts to attract investments and support from Saudi Arabia, China, and the UAE. IMF Managing Director Kristalina Georgieva praised Pakistan’s economic reforms, noting improvements in growth and inflation while stressing the need for continued focus on long-term stability.
Read: Pakistan’s USD 7bn IMF deal up for review on Sep 25
Finance Minister Muhammad Aurangzeb acknowledged the transitional difficulties of implementing reforms but underscored their necessity for financial recovery. |
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